The Nigerian Insurers Association (NIA) has revealed plans to redeem the image of the industry and restore public trust through prompt claims payments to policyholders in the country.
The chairman of the association, Segun Omosehin, gave the assurance at a media briefing in Lagos. Also, he called on policyholders, who are being owed claims by any of the underwriting firms in the sector to come up with the evidence of their claims, stressing that the association would facilitate payment of genuine claims.
Omosehin said the issue of public trust and lack of confidence among Nigerians had been a major setback of the industry and the association is working to enhance the industry’s credibility by encouraging members to pay promptly policyholders’ claims when due.
According to him, the association would look inward to take advantage of the untapped potential demands for insurance in the country, stressing that this would increase the insurance business.
Also speaking on the development, the Director- General of the Association, Yetunde Ilori, said we are doing everything possible to make sure that members abide by the rules of the business, adding that some of the ways these have been done are the expulsion of some erring members, who have not been able to meet the fundamental rules of the regulator in the industry.
Speaking on what the industry is doing to deepen insurance growth, Ilori said the industry has unveiled a 10-year industry roadmap launched in November 2023 and is collaborating with various state governments to domesticate insurance laws that will enhance insurance uptake in those states.
Some of those initiatives, she said are the ongoing publication of lists of unclaimed claims in the national newspapers calling on the public to come forward for their claims; the NIA Enlightenment awareness Campaign on Radio and Television stations; collaboration with the Federal Government, National Insurance Commission and other Federal Agencies responsible for the enforcement to ensure enforcement of compulsory insurances.
On the 2024 Insurance Outlook, she said: “The virile insurance industry is built on the back of a virile economy. The bedrock of every economy is insurance, however, the enabling environment for this business must be right.
“There must be an environment that encourages investment. We are operating in a very volatile environment.
“Part of what we have done is to encourage member companies to be a lot more proactive in their planning. Oftentimes, you see people who plan for 12 months. In an environment like this, you have to break your plans into quarterly, she said. She said the association believed so much in the economy. Things are tough right now because of the choices we have made as a country.
